1st Source (NASDAQ:SRCE) Releases Quarterly Earnings Results, Beats Expectations By $0.20 EPS

1st Source (NASDAQ:SRCE) issued its earnings results on Thursday. The financial services provider reported $2.03 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.20, FiscalAI reports. The firm had revenue of $118.83 million during the quarter, compared to the consensus estimate of $118.11 million. 1st Source had a net margin of 28.09% and a return on equity of 12.94%.

1st Source Stock Up 1.5%

Shares of NASDAQ:SRCE traded up $1.31 during trading on Thursday, hitting $87.12. 96,997 shares of the company were exchanged, compared to its average volume of 128,788. The firm’s 50 day moving average price is $86.00 and its 200-day moving average price is $81.05. 1st Source has a 12-month low of $58.49 and a 12-month high of $91.46. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $2.10 billion, a P/E ratio of 13.36 and a beta of 0.57.

Insider Activity at 1st Source

In related news, CFO Brett Bauer sold 500 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $87.89, for a total value of $43,945.00. Following the transaction, the chief financial officer directly owned 30,706 shares of the company’s stock, valued at $2,698,750.34. This trade represents a 1.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 20.17% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

SRCE has been the topic of several recent analyst reports. Zacks Research lowered 1st Source from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. DA Davidson lifted their price target on 1st Source from $77.00 to $87.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Keefe, Bruyette & Woods upped their price objective on 1st Source from $79.00 to $82.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Weiss Ratings upgraded 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, October 8th. Finally, Piper Sandler raised their target price on 1st Source from $88.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $89.67.

1st Source Company Profile

1st Source Corporation (NASDAQ:SRCE) is a bank holding company headquartered in South Bend, Indiana. Its principal subsidiary, 1st Source Bank, provides banking and financial services to individuals, businesses, and institutions.

The bank offers deposit accounts, consumer and commercial lending, mortgages, cash-management services, treasury services, and online and mobile banking. It also provides trust, investment management, and wealth advisory services, along with insurance-related products through affiliated operations.

1st Source has specialized lending businesses serving industries such as aviation, construction equipment, transportation, and recreational vehicles.